Richmond Regional Housing Framework Data Update

Selected draft findings

HDAdvisors

2022-09-08

Research scope

How have housing needs changed across the region since the original Framework release?

Four parts:

  1. Demographic and socioeconomic changes
  2. Housing supply and market changes
  3. Gap analysis
  4. Local summaries

Data source updates

Source Original Current
American Community Survey 2013-2017 5-year estimates 2016-2020 5-year estimates
Comprehensive Housing Affordability Strategy 2012-2016 5-year estimates 2014-2018 5-year estimates
Census Population Estimates Program 2018 2021, including 2020 Decennial Census
Census Building Permits Survey 2018 2022, through July
MLS 2019 2022, through August
CoStar Not used 2022, through August

Other updated datasets

Additional sources used for this refresh include:

  • National Housing Preservation Database
  • BLS Occupational Employment and Wage Statistics
  • CFPB Mortgage Performance Trends
  • Point-in-Time homelessness counts and McKinney-Vento student homelessness statistics
  • District court eviction filings and judgments

Demographic and socioeconomic changes

More people come here than are born here.


Young adults are shacking up.


Lowest-payed workers saw the biggest (relative) pay bumps.

Housing supply and market changes

Racial homeownership gaps remain the status quo.


A tight supply is pushing existing home prices closer to new build prices.

The supply of 2- and 3-bedroom apartments decreased.

Rising prices for 2- and 3-bedroom apartments reflect higher demand.

Housing assistance slide

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NOAH slide

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Gap analysis

Affordability slide

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Rent burdens may be shifting up the income scale.

Use with caution

Estimates for 2020 (the 2016-2020 5-year ACS release) may be impacted by lower survey response rates during the COVID-19 pandemic.

Local summaries

Richmond City

Chesterfield County

  • In 2018, there was a shortage of 7,569 rental units for households below 80% AMI

  • Greatest need in the county has been among households below 50% AMI

  • But the need for rental at the higher end has been increasing (15% increase)

Hanover County

Henrico County

Next steps

  • Feedback from PHA Board and staff

  • Complete final updates on report (incorporating edits and suggestions)

  • Consistent branding and visualizations

  • Provide updates to data based on timing

Discussion